XRP Price Prediction: XRP Nears Key Support That Could Push it Back to $2.65

XRP (XRP) has dropped by 2.4% in the past 24 hours as a much-needed pullback continues to unfold

The token currently sits at $2.20 but trading volumes have dropped by 19% in the past 24 hours, meaning that the selling pressure has eased.

Crypto liquidations have surged to $230 million in the past 24 hours as the market’s downtrend has stopped out thousands of traders who were heavily positioned for the continuation of the rally.

The long/short ratio for XRPUSDT in the futures market currently sits at 2.9, meaning that the majority of traders are betting that the price will rise in the near future.

This heavily ‘one-sided’ market exacerbates the risk of a correction heading into the first month of a relentless rally that has pushed Bitcoin (BTC) to a new all-time high.

When long/short ratios are at extremes, deep-pocketed traders know that there is significant liquidity trapped at lower price zones, where most long positions have set their stop orders. They can push the price down to unlock this liquidity and trigger a long squeeze.

However, as the price nears certain key areas of support, XRP could rapidly bounce back. This favors a bullish mid-term XRP price forecast.

XRP Price Prediction: 200-Day EMA Bounce Could Push XRP to $2.65

XRP found strong pressure at the $2.65 area after its recent rally. The price has gone down sharply upon touching that area as momentum indicators were already nearing extreme levels.

The Relative Strength Index (RSI) back then increased near the 70 level (overbought) two times.

The latest drop in XRP price has resulted in a ‘death cross’ between the 9-day and 21-day EMA and has pushed the token to tag its 200-day EMA for a second time.

The price bounced off this level once and could retest it in the next few days as it continues to follow the trajectory of its descending channel.

If XRP bounces strongly off this level as it did recently, it could form a technical double-bottom. This, combined with a breakout of the upper bound of the channel, would confirm a bullish XRP price prediction with a first target set at $2.65.

Even though XRP may have disappointed investors with its latest performance, Bitcoin (BTC) continues to make the headlines by reaching higher highs.

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